Independent equity research
Research on the companies
nobody else covers.
BlackBird publishes qualitative research on European small-caps that sit outside institutional coverage. Every report is read from the primary filings. Every figure carries its audit status. Nothing is a recommendation.
Free to read, in full, without an account.
BlackBird does not issue price targets, ratings or investment recommendations. Published research is informational and non-advisory under MiFID II.
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Reports published
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Companies in coverage
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Open to commission
Method
How a BlackBird report is built.
Research is qualitative and document-led. We read the filings so the reasoning can be checked line by line, not taken on trust.
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Primary documents first
Annual and interim reports, prospectuses, call transcripts and regulatory filings. Secondary commentary is never the basis of a claim.
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Every figure is graded
Audited (A), management-provided (M) or pro-forma (PF). The grade travels with the number, in every table.
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The basis is declared first
Before it reasons about a number, a report states the accounting framework the filing was prepared under and names its auditor — or records that the document names none.
Provenance
Verifiability is the product.
Every figure in a BlackBird report carries its audit status, and the grade travels with the number — in the header of the table it sits in, not in a footnote at the end. A number that was audited and a number management provided are never presented as the same kind of fact.
Where a check has not been run, we say so rather than filling the gap with a green tick. The retrieval ledger that would resolve a single claim to the exact source passage is not recorded for the reports published so far; when it is, it will appear on the report itself rather than as a promise here.
Follow-ups are published as deltas against the annual report they update, so the reasoning trail stays continuous instead of being overwritten.
- (A)Audited
- (M)Management accounts
- (PF)Pro-forma
The grade appears in the header of every financial table, and again beneath it, listing only the grades that table actually uses.
Commissioning
Coverage is commissioned, then made public.
Producing a report costs money. Rather than charge a subscription for access, readers pool credits against a specific company. When the commission is met, the report is produced.
Contributors read it first for a short window. After that it becomes permanently public — no paywall, no expiry. One reader funds it; every reader keeps it.
Patrons
The readers who paid for the research you read free.
Names are shown only when a backer chooses to be credited; everyone else appears as an anonymous backer.
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Read first. Create an account only to commission.
The whole archive is open, no account required. When you want to put a company into coverage, sign up — new accounts receive 100 welcome credits, enough to back your first commission on the spot.